Tesla's US Market Dominance In EVs Is Being Challenged, New Study Shows

Tesla Inc TSLA is one of the best-known electric vehicle brands. CEO Elon Musk lead the company to pioneer the segment and change the entire auto industry in the process. But with high demand and popularity comes high prices, which can leave the cars out of reach for many. 

And a new study by S&P Global Mobility shared by Teslarati, shows that lower priced competitors are starting to make their mark on Tesla's U.S. market share. Vehicle registrations show a shedding of market share by Tesla, mostly in the sub-$50,000 EV category in which Tesla does not compete. 

Indepenent of brand and price point, most of these new electric vehicle customers are coming from Toyota and Honda, who are having trouble keeping their gas vehicle driving customers loyal. Most EVs still continue to be purchased by higher income families, and out of 525,000 registrations, 340,000 are Tesla vehicles. 

Tesla is working to start deliveries of the Cybertruck in 2023, but other than that, Tesla's lineup seems to remain unchanged in the near term. While Musk has talked about a lower priced vehicle, the timing of such a release is unknown.

Photo courtesy of Ford.